Chevron
earned higher prices for its oil around the globe. In the U.S., Chevron
sold its oil for an average price of $89 per barrel in the last
quarter, compared with $71 a year ago. Internationally, Chevron sold oil
for an average price of $95 per barrel, compared with $70 a year
earlier.

This was partially offset by lower prices in the U.S. for natural gas. International natural gas prices rose slightly.

These
higher prices led to a $1.25 billion increase in profit from exploring
for and producing oil and gas. Refining profits more than doubled, to
$622 million.

In all, Chevron's net income rose to $6.21 billion,
or $3.09 per share, from $4.55 billion, or $2.27 per share a year ago.
The results topped Wall Street expectations and marked Chevron's best
three months since it earned $7.9 billion in the third quarter of 2008.

Gasoline
prices have topped $4 per gallon in nine states plus the District of
Columbia. As oil company profits approach levels of three years ago,
when gas prices last spiked in the United States, the industry is
fighting a renewed push from President Barack Obama and Democrats to end
its $4 billion a year in taxpayer subsidies.

On Thursday, Exxon
Mobil reported net income of almost $11 billion, its best quarter making
$14.83 billion in the July-September period of 2008. That's the record
for a publicly traded company. Also, Shell's profit rose 60 percent to
about $9 billion in the first quarter. France's Total SA made about $5.8
billion, up 50 percent. ConocoPhillips' earnings rose 43 percent.